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JP Morgan set the target price for Bitcoin at $ 130,000

In a recent note, Wall Street banking giant JPMorgan predicted that reducing bitcoin volatility would attract institutional investors, and predicted that the digital currency would be worth $ 130,000 in the long run.

to the Report Finance Magnetus, one of the world’s largest investment banks, said in a note that setting a $ 130,000 target for the price of bitcoin on paper should be considered a long-term goal. Bitcoin, the world’s largest digital currency, currently trades at nearly $ 58,000 and has a total market value of more than $ 1.08 trillion.

The recent decline in bitcoin volatility has attracted institutional investors, according to a research note from GPSMorgan. The bank stressed that the price of $ 130,000 for Bitcoin would be equal to the total private sector investment in gold.

JipiMorgan strategist Nikolaos Panigirtzoglou published a research note in February 2021 stating that bitcoin fluctuations are a major problem for large organizations. The bank had previously set a long-term forecast for the price of Bitcoin of $ 146,000.

In a new note, JPMurgan said that if it has set a long-term target price of $ 130,000 for Bitcoin, it is because the fluctuations of this digital currency will converge with gold.

The note states:

Given the large volume of financial investment in gold, any mass exodus [سرمایه] Alternative to gold as a currency means a sharp rise in bitcoin in the long run. Convergence in bitcoin and gold fluctuations is unlikely to happen any time soon; This is probably a multi-year trend. This means that the theoretically set target price of $ 130,000 for Bitcoin should be considered a long-term target.

Institutional investors around the world have begun exploring bitcoin as an alternative to gold. Although the total market value of bitcoin is relatively lower than that of gold, there has been a steady outflow of gold-related investment products over the past few months, with strong inflows into the world’s largest digital currency. Bitcoin recently exceeded 10% of the value of the extracted gold market.

“Bitcoin and other digital currencies have established themselves as exciting asset options over the past 10 years,” Ray Dalio, managing director of the American hedge fund and founder of Bridgewater Associates, said in a post on Reddit. Have.


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